SOURCE: Arctic Oil & Gas Corporation
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March 07, 2008 10:19 ET
Arctic Oil & Gas Business Model Designed to Duplicate Success of Prudhoe Bay, North Sea, and Gulf of Mexico
LAS VEGAS, NV--(Marketwire - March 7, 2008) - Arctic Oil & Gas, Corp. (PINKSHEETS: AOAG), a
petroleum exploration company, along with the consortium that it initiated
to develop the "Arctic Commons" prospect, will follow the highly successful
working models used to develop the largest oil and gas discoveries of the
last forty years. Arctic expects to develop and manage the prospect, along
with handling the international legal affairs, while partnering with a
major independent oil exploration company and an additional two to four
major oil and gas financial partners.
A recent article in the Wall Street Journal noted that, "Despite grueling
conditions, interest in oil and gas reserves in the far north is heating
up. Virtually every major producer is looking to the Arctic sea floor as
the next -- some say last -- great resource play. One study, by U.K.
consultants Wood Mackenzie and Fugro Robertson Ltd., puts reserves there at
roughly 400 billion barrels, or 30% of the world's remaining supply."
Similar partnerships turned the North Sea into the backbone of the Scottish
and Norwegian economies. The same spectacular results for the same model
have taken place at Prudhoe Bay, Alaska and in several massive offshore
plays in the Gulf of Mexico.
Peter Sterling, Arctic CEO, stated, "We have been well-advised to adopt
this highly successful business model. This is the 'Harvard MBA' of
international oil and gas business models and it seems that whenever it is
used in developing a major prospect, it always works."
Sterling continued, saying, "Our legal development of the model will be in
expert hands. I feel confident that our actions will assure the major oil
companies that they are dealing with fellow professionals."
About Arctic Oil & Gas
Arctic Oil & Gas representatives have filed a claim with the United Nations
General Assembly and the countries of Canada, Russia, United States of
America, Norway and Denmark, claiming, as a responsible oil and gas
development agent of the "common heritage of mankind," the sole and
exclusive exploitation, development, marketing and extraction rights to the
oil and gas resources of the seafloor and subsurface contained within the
entire Arctic Ocean Common area beyond the exclusive economic zone of the
Arctic Ocean's surrounding countries called the "Arctic Claims." The
Company intends to operate as the "lead manager" tasked to create a
multinational joint venture consortium of major oil companies, whose
technology and managerial expertise will be vital to recovering the oil and
gas from beneath the harsh, deep waters of the Arctic in an environmentally
safe manner.
Please visit www.ArcticOAG.com
This announcement contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, Section 21E of the Securities
Exchange Act of 1934 and the Private Securities Litigation Reform Act of
1995. Actual results may differ from management's expectations. These
forward-looking statements involve risks and uncertainties that include,
among others, risks associated with oil & gas exploration risks related to
competition, management of growth, new products, services and technologies,
potential fluctuations in operating results, international expansion,
commercial agreements, acquisitions and strategic transactions, government
regulation and taxation. More information about factors that potentially
could affect AOAG's financial results is included in its filings with the
Securities and Exchange Commission.